De Alwis admits lying
July 3, 2015
Former Sigma Pharmaceuticals
ceo Elmo de Alwis yesterday
pleaded guilty to falsifying the
firm’s accounts, in a case brought
after a long ASIC investigation.
Sigma’s former chief financial
officer, Mark Smith, also pleaded
guilty to the charges, one of which
related to the overstatement of
Sigma’s revenue, inventories, prepayments
and after-tax profit in the
full year accounts to 31 Jan 2010.
Both of the defendants also
indicated they would plead guilty
to other pending charges relating
to providing false statements to the
company’s board and auditors.
De Alwis, whose LinkedIn profile
now lists him as gm of Generic
Health (PD 20 Feb 2012) left Sigma
in 2010 after the company revealed
a $424 million writedown, months
after a $300m capital raising.
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